IBC section 7 admission turned on complete default evidence and IRP eligibility, leading to moratorium and appointment.

A section 7 IBC application was found complete where the financial creditor produced loan documents, account statements, security records, and evidence of default, including NPA classification and acknowledgment in the corporate debtor's balance sheet. On that basis, the statutory requirements for admission under the Code and the application rules were treated as satisfied. The proposed Interim Resolution Professional was found eligible because the required written communication was filed and no disciplinary proceeding was pending. The petition was admitted, the professional was appointed as Interim Resolution Professional, and moratorium and other insolvency directions followed.

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Issues: Whether the petition under section 7 of the Insolvency and Bankruptcy Code, 2016 was complete, default had occurred, and the proposed Interim Resolution Professional was eligible for appointment.

Analysis: The financial creditor produced loan documents, account statements, security records, and evidence of default, including classification of the account as NPA and acknowledgment in the corporate debtor's balance sheet. The application was found to satisfy the requirements of section 7 of the Code and the applicable application rules. The proposed insolvency professional had furnished the requisite written communication and there was no pending disciplinary proceeding against him. On that basis, the statutory conditions for admission were held to be fulfilled.

Conclusion: The petition was admitted and the proposed professional was appointed as Interim Resolution Professional, with moratorium and consequential insolvency directions issued.

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